Chinese recycling tycoon Chen Guangbiao dialed back his ambitious plans to buy American media company The New York Times Co. a week after making his intentions public.

Chen through a translator on Tuesday said that the level of diffuclty is great, Reuters reported.

According to the report, Chen currently does not hold shares in the Times, nor does he plan to buy any of its common shares. The Chinese billionaire also noted that the Times rebuffed a request for a meeting.

The Times, which publishes the namesake newspaper, has a market value of $2.3 billion. Chen said last week he thinks the prestigious newspaper is worth $1 billion. The Chinese tycoon has been mulling a bid for the Times for the past two years, Reuters said.

New York's Ochs Sulzberger family controls the Times through a trust of Class B shares with special voting rights. The household has owned the Times for more than 100 years. Times chairman Arthur Ochs Sulzberger Jr. has said recently the media company is not for sale, the report stated.

Chen in an interview on Tuesday said that he still covets the newspaper but hopes to find an American entrepreneur to partner with to make the purchase.